Paladin Energy receives ICA clearance for Fission Uranium acquisition
Paladin Energy has received final clearance under the Investment Canada Act (ICA) for its acquisition of Fission Uranium.
This clearance represents the last regulatory step needed to complete the court-approved arrangement under the Canada Business Corporation Act.
The acquisition is expected to close by early January 2025, subject to customary closing conditions.
Paladin Energy announced the definitive agreement to acquire Fission Uranium in June this year on a 100% share takeover basis.
Upon completion, Fission shareholders will receive 0.1076 Paladin shares for each Fission share held.
Following the acquisition, Paladin shares are expected to list on the Toronto Stock Exchange (TSX), while Fission shares will be delisted from the TSX, OTCQX and Frankfurt Stock Exchange.
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The merger aims to create a clean energy leader with a strong production and growth pipeline including the Langer Heinrich Mine, Patterson Lake South project and Michelin project.
This combination will enhance Paladin’s position in the uranium market, leveraging a structurally tight market and growing nuclear energy demand.
Paladin’s increased presence in international capital markets will be bolstered by its TSX listing, further establishing it as a ASX100-listed pure-play uranium producer.
The company is committed to a sustainable future, focusing on a carbon-free energy transition and strong community engagement.
Paladin CEO Ian Purdy said: “We welcome the Government of Canada’s clearance of the acquisition of Fission and believe that this decision will deliver great benefits for our company and its shareholders, as well as for stakeholders in Australia, Canada and Namibia.
“The combination of Paladin and Fission creates a world-class diverse uranium producer operating in multiple countries, with a high-quality portfolio of production, development and exploration assets.
“The addition of the PLS project in the Athabasca Basin creates a leading Canadian development hub alongside our existing Michelin project, with exploration upside across all the Canadian properties.
“Shareholders of Paladin, including former shareholders of Fission, will benefit from the increased scale of the combined company that will be one of the largest pure-play uranium companies globally, as well as greater exposure to, and interest from, international capital markets.”
